Turkish automotive and defense manufacturer Otokar said Thursday that it had signed an export contract worth $1.47 billion (TL 72.08 billion) to supply wheeled armored vehicles and integrated logistics support services.
The agreement, valued at $1,472,080,360, covers various types of wheeled armored vehicles, the company said in a disclosure to the Public Disclosure Platform (KAP).
The contract will take effect after the necessary official approvals are obtained, procedures for letters of guarantee are completed and an advance payment is received.
Otokar will provide the customer with letters of guarantee totaling $441.6 million to secure its contractual obligations and the advance payment.
Vehicle deliveries are scheduled to begin in 2027 and be completed in batches over three years, while the contract will remain in force for seven years.
